Flat economy no hindrance to auction goers

An art auction in the US… Here is SA, auction goers are snapping up top works of art – despite a flat economy. (Image: Wikimedia Commons)

The highlights included Alexis Preller's Seychellois Still Life, which sold for R2.96m, Stanley Pinker's Camping in the Kouebokkeveld (R2.73m), Preller's Ndebele Village (R2.34m) and JH Pierneef's Lowveld in Summer (R1.82m).

Billed as the most valuable painting at the auction, South African artist Irma Stern's Still Life with Red Lilies and Aubergine drew bidding up to R3m but failed to meet its R3.5m reserve price. Auctioneer Stephan Welz, MD of Strauss & Co, decided not to coax the room further when bidding for the Stern stalled.

Of the eight paintings that sold for more than R1m, another Stern, Mother and Child, fetched R1.59m.

But the heated bidding was not restricted to the big-ticket items. Some of the night's fiercest hand-raising matches took place over the works of perennially popular local artist Walter Battiss, such as Medley No1, which sold for R1.25m - way above its upper estimate of R800,000. According to Strauss & Co, the previous owner bought Medley No1 in 1984 for R1,800 - a return on investment over 30 years of nearly 700%.

Another bidding war erupted over George Pemba's Nongqause (The Girl Who Killed to Save), with an upper estimated price of R160,000 but which went to a telephone bidder for R363,776.

Ping... sales exceed forecast

Humorous scenes ensued as the room fell silent, waiting for the auction's progress to be relayed to telephone bidders for the ping before Welz could return to the room for the pong.

Bina Genovese, executive director of Strauss & Co, said the house was satisfied with the sale in the context of a depressed economy.

"The total sales exceeded our forecast, which is very reassuring. We were interested to see that the bulk of the turnover was not reliant on the major Irma Sterns or Pierneefs.
All 10 Prellers on auction were sold.

"There were two important oils by Preller but also two unfinished works. Those obviously attracted interest from collectors - they'll find their homes in collections."

Genovese said she was extremely happy with the price realised for Pierneef's Lowveld in Summer, dominated by an acacia. The painting sold for well over its presale estimate.

She said prices were holding steady. "You get peaks when collectors are desperate to have a piece but prices in general have stabilised. There's definitely confidence in the art market."

According to Genovese, the market responded when Strauss & Co sourced items that had not been seen before.

She said there was a broadening range of artists now being sought by collectors, including William Kentridge and Norman Catherine.

Kentridge's Zeno Landscape II sold for just over R1m and Catherine's eclectic Ju-Ju Bazaar sold for R341,000. Emerging artist Richard Penn's Unknown Physics sold for R136,416, well above its R50,000 upper estimate.

International, and internationally known local artists, represented at the auction included Marc Chagall, Pablo Picasso, David Hockney, Joan Miró, Gregoire Boonzaier, Gerard Sekoto and Anton van Wouw.

Source: Business Times, via I-Net Bridge